Monday, September 13, 2010

EPA Gives Enbridge (NYSE:EEP) Monday Noon Ultimatum

Enbridge (NYSE:EEP) workers are pushing hard to meet the Monday noon deadline given by the Environmental Protection Agency for the energy company to stop the flow of oil from the oil pipeline.

The oil pipeline leaking oil in the Chicago suburb of Romeoville.

On Friday, the oil had been leaking from the pipe at a rate of 200 to 600 gallons an hour, according to an EPA spokeswoman.

Enbridge spokesman Terri Larson said, "The leak site itself is contained but oil is continuing to drain out of the pipeline. As that oil drains out crews are cleaning it up."

The shutting down of the pipeline, which transports close to 459,000 barrels of oil a day from Superior, Wisconsin to Griffith, Indiana, has caused the price of oil to shoot up, based on the uncertainty as to when it'll be opened up again.